To live in a tent instead of buying my first home

[Mushroomlady]

Would love someone to give my head a wobble.

Female, single, child-free, full time job on an average wage, currently renting a spacious flat from lovely private landlord in posh area. Rent is low & I'm happy, but like most ppl I'm stuck in the trap of working to pay for a roof over my head.

I've saved and saved and saved and finally have a small deposit to buy a house or flat. Went to view one last week which was perfect, but when I did the calculations I started questioning whether it's really a good idea.

I'd still be working to pay the mortgage which won't be much less than my current rent. House requires redecorating and furnishing which is more expense. My rented flat is pre-furnished. As well as decorating I would have to spend thousands as I don't own any of my own furniture or household items.

The thought of spending all this money and amassing all this 'stuff' while having to work to pay for it all and being trapped paying a mortgage for the next 30 years is v depressing. I could Airbnb the spare room once it's in a presentable condition, but that's not guaranteed income.

A friend has offered for me to live on their land in Wales in a yurt (large insulated tent) w/ wood burner, rent free in exchange for help growing veggies, etc. Would have access to be own toilet and hot shower in the house as well as WiFi and indoor office space. Wood for fuel would be provided. Work will let me work remotely and part time. Winters could be spent indoors and/or could stay at my parents house which they would love. I'm very outdoorsy, love nature and wildlife, gardening, etc. I also love writing which I don't have time for alongside my job.

Would I be mad to forgo home ownership for yurt living for a few years, go part time and do more of what I love? Could still keep saving.
So as not to drip feed, parents own property so there's a chance I will inherit something before I retire though don't want to make that assumption in case they decide to leave it to a donkey sanctuary.
Wwyd?

1. Buy the house you fool
2. Keep renting
3. Live in the yurt

I would absolutely not buy a flat just to rent it out, and I say this as a landlord. DH and I currently rent out our flat as we work abroad for a few years. We've only rented it out for a year but are currently facing a £20k bill as there's a fairly major issue that needs fixing. Could you afford to fix a major issue if you're going to be on a PT salary?

We're lucky that we have a small mortgage, but our neighbour looked into BTL and concluded market rent would barely cover his mortgage & letting agent fee, let alone enable him to build up an emergency fund. So check the finances carefully rather than assuming BTL makes financial sense.

Also check current proposals for increasing tenants' rights in England & Wales (which I fully agree with btw) which will make it more difficult to evict tenants without reason. Will you be happy to let out a property based on those conditions.

Above all, being a landlord is stressful and risks taking away some of the joy and feeling of freedom that I associate with living in a yurt.

If I were you I'd go for the yurt. Live the dream for a few years, have as few responsibilities as possible and then re-evaluate in a few years what you want to do.

You say you’ll have time to pursue your writing hobby: how? Sounds like you’re viewing it as your friends are offering you free accommodation and oh, if you have time to sow a few seeds when you fancy it that would be appreciated. Whereas they probably have very different expectations if they’ve offered you the yurt in exchange for ‘help’.

Go and live in the yurt. I think you will regret not trying it.

(please may I come too)

Buy the house. Rent it out. Live in the yurt.

Depends on the yurt. Is it an authentic Mongolian one, insulated with yak hair? If so you and everything in it will stink of Yak.

I would do it, it’s a once in a life time experience and buying now seems like a terrible idea.

Makes me sick how many people have bought houses this year on inflated prices with low deposits, I have a friend who’s fiancé has just left her and is squeezing her budget so tight to buy him out. She will never realistically pay off that house but has no other option.

just do it - you only live once - I am actually quite jealous!!!!

Omg op I would live in the yurt, that sounds lovely

Buy the flat and rent it out and live in a yurt, travel, do what you want That way you keep your options open. Owning your own will bring you greater freedom thean living onthe goodwill of someone

And you don't have to spend 'thousands ' on equipping a hone!

Also, if you live in the yurt can you start an insta page and share it here? I want to live vicariously through you please

Live in the yurt but don't be a freeloader - someone is paying for that electricity, wifi so you ought to contribute something. I am in a similar situation with someone doing this on my land and it's actually starting to annoy me a bit when they bang on about living cheaply.

Yurt

Go live in the yurt!!

Yurt only regret it if you don't.

Couldn't resist.

JDI - I mean live in tge yurt, go part time bring joy into your life.

If it doesn't work out, go full time again and find somewhere to live. BTW, you could quite cheaply pop a garden annexe at your parents and live separately but close by. Or buy a house boat. I saw one advertised today for £25k!

Yurt!
I lived in a static caravan on a working farm for 6 years before we bought our first home. It was great fun, no neighbours and the caravan was in the middle of a forested area. Bloody freezing.. literally! the toilet water froze one year 😳 We made so many lovely memories there and I loved living 'off grid'. Do it OP!

It is boring - but think about your future. Do you want to be living in a yurt when you’re 60?

make the boring sensiblf decision and buy the property. You will have much more freedom for longer later in yourmlife

I would move to the yurt in a hearbeat but then I am a seasoned camper. The woodstove would keep it cosy in winter and you would be able to cook on it and heat water and dry out wet clothing. But and there are a few, will there be electricity in the yurt to charge laptops and phones in case you want to watch a film in the evening and have some form of lighting that isnt battery, solar or oil lamps. Clothing may get damp, musty or smell of log burner, there will be flies, insects and possibly (probably) mice. How will you store your food to keep it cool and away from the said mice? Do you really want to have to trek to their house in the middle of the night to use the toilet or would they consider building you a composting toilet next to the yurt. Will they let you use their washing machine and possibly tumble dryer in winter to do your laundry and bedding. Are you happy to cook just on a the log burner even in summer when it will get really hot or can you have a gas stove in the yurt or under some form of shelter, you will need carbon dioxide alarm and a smoke alarm. Are you happy to get up in the night maybe several times in winter if you do need to stay there to stoke up the woodstove and keep warm? Think about security too, the yurt may have a locking wooden door but it would be easy to cut through the canvas, insulating layers and the wooden frame to get to your belongings. Think about water, how far will you need to carry it to the yurt for cooking, washing up etc. If you can cope with all of the above go for the yurt, even if it is just for a short time so you can save up more. If not buy a property, do it up as and when you can afford and buy pre-loved furniture and household items from marketplace, charity shops etc. If you do go for the yurt option, please do post some photos 😀

Live in the yurt!

Do you like gardening? Because I don't. Luckily DH does but it's ducking dull and relentless.

@Mushroomlady or do what is becoming increasingly popular, big and live in a narrow boat, they seem to be increasing in value.

*buy

I'd be wary - work exchange situations often have a way of going sour. Different expectations about level of work expected, time, privacy vs time spent together, etc. Before you know it a friendship has gone sour over the length of time you spend in the shower or how you do the washing up.

I'd still be working to pay the mortgage which won't be much less than my current rent. House requires redecorating and furnishing which is more expense. My rented flat is pre-furnished. As well as decorating I would have to spend thousands as I don't own any of my own furniture or household items.

The mortgage would still be less than the rent, plus what you spend on it would be going into the flat and you would get it back eventually if you sold it. With rent it’s gone forever.

Redecorate it yourself. I doubt it is that big.

Furniture can be bought at auctions, or local gumtree etc for very little. You could just spend more on some things. There is no need at all to spend thousands.

I am a landlord. You need thousands in case you need to take a tenant to court and insurance to cover their rent if they don’t pay etc. If you really wanted to do this and the yurt thing, think carefully where you buy. Student accommodation could be good. But you would have to let furnished and refurbish / decorate annually. So lots of work. And what happens if we get double figures interest rates?